Tax to be deducted on running basis and not at the year end

Deduction of tax at source and its payment to the government is a continuous source of revenue mobilisation throughout the year and the law mandates deduction of tax to be made at source, i.e., as and when the amount is payable and, therefore, deduction of tax cannot be postponed till the last date of accounting period by debiting the running account of the payee.- Vide In the ITAT, Rajkot Bench  ITO v. Bhoomi Construction (2013) 51 (II) ITCL 12 (Rkt-Trib)

RULES REGARDING TDS UNDER SECTION 194-IA NOTIFIED

INCOME-TAX (FIFTH AMENDMENT) RULES, 2013 - AMENDMENT IN RULES 30, 31 & 31A AND INSERTION OF FORM NOS. 16B & 26QB AND SUBSTITUTION OF FORM N0. 24Q

NOTIFICATION NO. 39/2013 [F.NO.133/23/2013-SO(TPL)(Pt.)]/SO 1404(E), DATED 31-5-2013
http://www.taxpublishers.in/Latest/email_4_June.htm